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The bank’s latest move highlights a growing shift among foreign financial institutions in Africa, as many reassess their presence amid evolving regulatory landscapes and changing market dynamics.
In Africa, GTCO, Capitec, and Zenith are turning capital into profit with ruthless efficiency.
The latest figure shows a staggering rise of over 6,000% in penalties compared to last year. The seven banks racked up fines for a range of infractions, from breaches in the forex market to lapses in anti-money laundering regulations
Faced with mounting regulatory levies, a steep rate spread, and the world’s highest cash reserve ratio, Nigerian banks are left with little choice but to shift some of the burden to customers — perpetuating a disturbing trend.
Last year, electronic payment transactions soared to a record $702.6 billion, crossing the quadrillion threshold in naira and surpassing the 2023 figure by a whopping 79.6%.
The move, which is expected to deepen Access Bank’s footprint in East Africa’s financial space, comes nearly a year after the lender first declared interest in the acquisition.
Despite Naira profits hitting record highs, no Nigerian bank made it into Africa’s top 5 by dollar earnings.
Revolut plans to enter South Africa, but regulatory, tax, and labour hurdles could complicate its digital banking expansion.
Sixty years after first banking in Lagos, JP Morgan is back—this time with a merchant banking play aimed at Africa’s biggest market. Nigeria just got more interesting for Wall Street.
The directive comes as banks prepare to meet a new total core capital requirement of $77.7 million by 2029.
The move comes after the Central Bank of Kenya announced a tenfold increase in minimum capital requirements for Tier 1 banks
For a long time, the banking sector in Ethiopia now has been dominated by local players, but recent policy changes could bring in foreign juggernauts.
The contraction of the lender’s balance sheet also led to a notable drop in customer deposits and credit to customers by $300 million and $900 million, respectively.